The Philippine stock market is making history once again! It such a great day to be a Filipino!
After the PSEI broke out of 7,360 a couple of days ago, it now went on an even stronger rampage and convincingly broke out of the dreaded 7,400 range! With strong volume and force the PSEI went into an intra day high of 7,530 to settle and close at an all time high of 7,490.
Similar to what we mentioned on the previous PSEI Update, a strong breakout at 7,400 would lead the market to 7,600 and up to 7,800 over the short term. Looking at the chart above that is highly possible given the 400 point gap created when the market was going sideways since August 2014. So a good target for the market can be pegged at 7,800 given this breakout.
But again, the PSEI has to hold 7,400 for all of this things to happen.
If it again falls below 7,400?
A correction to 7,250 may be possible.
As we close this amazing week of stocks, I would like to remind everyone to stick to your plan no matter what, avoid your emotions, and to respect the market because no matter how goodt he market is now corrections do happen when we least expect it. I am glad that everyone is having a great start to their 2015! As what I always say, winning in stocks require strategy! God bless you , have a great long weekend ahead!
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If you’d like to learn more how to invest in the stock market and learn how to make your money work hard for you. I’d like to invite you to our upcoming events
- January 31st Stock Smarts Bascis: Manila
- January 31st How to Find The Perfect Timing in Buying and Selling Stocks (afternoon)
- February 7th Stock Smarts Cebu: Technical Analysis
- February 12th Technical Analysis: Chart Patterns and Oscillators (Evening Session)
- February 18th Stocks vs Forex
- February 26th Fundamental Analysis: How to pick good stocks and avoid bad ones (Evening Session)
- February 28th Money Management and Stock Smarts Thailand 2015
- March 6th Stock Smarts UAE: Firm Foundation – Day 1
- March 7th Stock Smarts UAE: Technical Analysis – Day 2
- March 8th Stock Smarts UAE: Pro – Day 3
- March 20th Stock Smarts Singapore 2015 (Basic) – Day 1
- March 21st Stock Smarts Singapore 2015 [Day 2] : Technical Analysis
- March 22nd Stock Smarts Singapore 2015 [New Topics] : Portfolio Mangement, Market Outlook and Fundamental Analysis
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*Photos via google search
*chart via chart nexus